The Central Bank of Nigeria (CBN) has once again deferred the meeting of its monetary policy committee, despite the ongoing rise in inflation. The meeting, initially scheduled for Monday and Tuesday, marks the second postponement since Olayemi Cardoso assumed the … Continue reading CBN delays MPC meeting again amid soaring inflation
In a recent report by the Economist Intelligence Unit (EIU), questions have been raised about the Central Bank of Nigeria’s (CBN) financial capacity to settle the $6 billion forex backlogs owed to banks. The EIU expressed skepticism, stating that the … Continue reading Economist intelligence unit doubt CBN’s ability to clear $6 billion forex backlog
The Central Bank of Nigeria (CBN) has emphasized that all banknotes issued by the institution remain legal tender and should not be rejected. In response to reports of cash scarcity in major cities, the CBN has directed its branches nationwide … Continue reading CBN confirms continued validity of old banknotes as legal tender
The Agriculture Development Farmers Association of Oyo State is calling on the Central Bank of Nigeria to significantly reduce lending rates to stimulate food production. The association’s Chairman, Salihu Imam, emphasized that a substantial reduction in lending costs would accelerate … Continue reading Farmers advocate interest rate reduction to enhance food security
The Nigerian naira has exhibited a positive trend, strengthening to N1,120 against the US dollar in response to news that the Central Bank of Nigeria (CBN) initiated the clearance of some of its foreign exchange (FX) backlog. This marks a … Continue reading Naira bounces back as CBN resolves forex debt backlog
The Central Bank of Nigeria (CBN) has officially clarified that it has no intentions of redenominating or restructuring the Nigerian naira notes in the year 2024. This statement was made in response to circulating text messages suggesting otherwise. In a … Continue reading CBN denies plans to redenominate naira in 2024
The former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, was released from the custody of the Department of State Services (DSS) on the night of October 26. Shortly after his release, he was taken into custody by operatives of … Continue reading DSS releases Emefiele to EFCC for ongoing interrogation
In response to a decline in the value of the Nigerian Naira, the Central Bank of Nigeria (CBN) has announced measures to increase the supply of dollars in the foreign exchange market and has lifted the ban on 43 previously … Continue reading CBN boosts dollar supply and lifts ban on 43 items, including cement
Nairagram, a licensed International Money Transfer Operator, has announced a strategic partnership with the Central Bank of Nigeria, Sebastian BDC, and Keystone Bank, aimed at addressing the ongoing foreign exchange liquidity crisis in Nigeria. The collaboration seeks to simplify and … Continue reading CBN licensed firm’s strategy to address FX liquidity crisis unveiled
Former Deputy Governor of the Central Bank of Nigeria, Dr. Tunde Lemo, has cautioned against adopting a free-floating exchange rate system for the Nigerian naira. The event, titled ‘Persistent unstable macro-economic environment: Any way out,’ saw Lemo express his reservations … Continue reading Clearing forex backlog vital for restoring naira confidence – Lemo
A recent report has raised alarm bells regarding Nigeria’s central bank digital currency, eNaira, despite its success in addressing the country’s financial inclusion gap. Launched nearly two years ago, eNaira has made strides, but the report, titled “Economics of Digital … Continue reading CBN report warns of financial stability threat from eNaira
President Bola Tinubu has put forward the nomination of Dr. Yemi Cardoso to assume the role of Governor at the Central Bank of Nigeria (CBN) for an initial term of five years, pending confirmation by the Nigerian Senate. This decision … Continue reading BREAKING: Tinubu appoints Yemi Cardoso as CBN governor
In line with Nigeria’s efforts to alleviate foreign exchange pressure and enhance its external reserves, JP Morgan has projected that the Federal Government could generate up to $17 billion through the sale of its stake in various joint-ventures oil and … Continue reading Nigerian government could generate $17 billion through sale of oil assets – JP Morgan
The Central Bank of Nigeria has launched a novel foreign exchange rate confirmation system targeted at importers, aiming to facilitate their access to forex. The apex bank, through its Trade and Exchange Department, issued a statement on Thursday evening, declaring … Continue reading CBN introduces portal for FX price verification system
A report from Cordros Securities suggests that the liberalization of foreign exchange is expected to have a moderate impact on banks’ Lending to Deposit Ratio (LDR). Impact of CBN’s plan to reinforce LDR The report, titled ‘Impact of the CBN’s … Continue reading Banks could reevaluate customer loans amid naira depreciation – Experts
The Central Bank of Nigeria (CBN) has revealed that it provided loans amounting to N40.67 billion to its staff members by the end of December 2022, as stated in its audited financial report for the same year. This marks a … Continue reading CBN staff loans surge by 113%, reaching N40 billion
The recently disclosed financial statements from the Central Bank of Nigeria (CBN) have raised concerns about the reliability of the country’s foreign exchange reserves, leading to doubts about the CBN’s ability to support the value of the national currency, the … Continue reading Naira’s stability threatened by uncertain CBN reserves
The Central Bank of Nigeria (CBN) has instructed banks to remove the post-no-debit restrictions imposed on the bank accounts of 440 individuals and companies. A post-no-debit restriction means that debit transactions, including ATMs and cheques, are blocked on these accounts, … Continue reading CBN unfreezes 437 accounts, including Bamboo, Nairabet, and AbokiFX
The acting Governor of the Central Bank of Nigeria, Folashodun Shonubi, has expressed the bank’s commitment to tackle the mounting demand pressure on the country’s exchange rate as the naira continues to depreciate against the dollar. Shonubi made these assurances … Continue reading CBN commits to addressing forex pressure, raises lending rate
Financial analysts have made predictions regarding an impending increase in lending rates in Nigeria as the two-day Monetary Policy Committee (MPC) meeting commences. During the last MPC meeting, the Monetary Policy Rate (MPR) had already been raised to 18.5 per … Continue reading Economists predict lending rate hike ahead of MPC meeting
The Central Bank of Nigeria (CBN) has implemented new restrictions on contactless payments made through bank accounts or digital wallets. As of June 27, 2023, a daily cumulative transaction limit of ₦50,000 and a single transaction limit of ₦15,000 have … Continue reading CBN implements ₦50,000 daily limit on contactless payment channels
Suspended CBN Governor, Godwin Emefiele, Takes Legal Action for Freedom: Godwin Emefiele, the suspended Governor of the Central Bank of Nigeria, has initiated steps to secure his release from the custody of the Department of State Services (DSS) while awaiting … Continue reading Emefiele spends seven nights in custody, Bawa also faces bribery and asset sale questioning
The Niger Delta Rights Advocates (NDRA), a non-governmental organization (NGO), has criticized the arrest of Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN), stating that it is a violation of the rule of law. The Department … Continue reading Niger Delta group criticizes Emefiele’s arrest as violation of rule of law
President Bola Tinubu has taken the decision to suspend Godwin Emefiele from his position as the governor of the Central Bank of Nigeria (CBN). The suspension was announced by Willie Bassey, the Director of Information in the Office of the … Continue reading Tinubu suspends CBN governor
The House of Representatives committee investigating the alleged disappearance of 48 million barrels of crude oil has summoned the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to provide an explanation regarding the missing N32.5 billion. It is … Continue reading National assembly invites CBN governor, AG Malami, others over missing 48m crude oil barrels and N32bn
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